EUR/USD Pair Is Now Correcting Losses From The 1.1891 Low

Technical analysis of Forex market

The Euro failed to settle above 1.2150 and started a fresh decline against the US Dollar. The EUR/USD pair broke the 1.2050 support zone to move into a bearish zone.

It even settled below the 1.2000 support level and the 50 hourly simple moving average. A low is formed near 1.1891 and the pair is now correcting losses. There was a break above a minor bearish trend line with resistance near 1.1920 on the hourly chart.

The first major resistance is near the 1.1950 level. The main resistance is now forming near the 1.2000 level, above which the pair could rise towards the 1.2050 level.

If there is no increase above 1.1950 on FXOpen, the pair could resume its decline. An initial support is near the 1.1900 level, below which EUR/USD could decline towards 1.1860 in the near term.